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RTX increases its forecast for 2025 as strong demand offsets concerns about tariffs
RTX has raised its revenue and profit forecast for the full year on Tuesday. The aerospace and defense company is confident in its ability, in light of the rising demand for missiles and its aftermarket services, to weather the effects of tariffs. The company's shares rose 6.3% in the morning, beating Wall Street's expectations for the third quarter. The Trump administration’s trade war pushed RTX in July to cut its profit forecast and anticipate $500 million in tariffs costs for this year. A shortage of new commercial aircraft has driven sales for maintenance and repair services providers like RTX. They are betting on airlines that have older fleets with high costs. RTX, a company that makes GTF engines, and competes against CFM International, also benefited from the booming demand by planemakers, as they ramped up production. Collins Aerospace, the company's aerospace division and avionics unit, posted revenue of $7.62billion in the third quarter. This is an 8% increase from a year ago. Sales at Airbus' Pratt and Whitney, which manufactures engines for the A320neo aircraft, rose by 16% to $8.42billion. Defense segment of the company has also continued to grow due to strong demand in an era of rapidly increasing geopolitical tensions. Raytheon's defense division, RTX, reported a 10% increase in sales. This was primarily due to higher sales of its Patriot air defence systems, which are used in the Ukraine on the battlefield. RTX expects to achieve full-year adjusted revenues between $86.5 billion ($87 billion) and $84,75 billion ($85,5 billion), up from its previous estimate of $84,75 billion or $85,5 billion. It also increased its adjusted profit forecast for 2025 to between $6.10 to $6.20 per common share, up from $5.80 - $5.95. Total revenue for the Arlington, Virginia-based firm increased 12% in the third quarter to $22,48 billion. LSEG data shows that analysts had on average expected $21.31 Billion. Its adjusted profit per share was $1.70. This is also higher than the $1.41 expected. (Reporting and editing by Krishna Chandra Eluri; Utkarsh shetti in Bengaluru, Mike Stone in Washington)
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RTX increases its forecast for 2025 as strong demand offsets concerns about tariffs
RTX has raised its revenue and profit forecast for the full year on Tuesday. The aerospace and defense company is confident in its ability, in light of the rising demand for missiles and its aftermarket services, to weather the effects of tariffs. The Trump administration’s trade war pushed RTX in July to cut its profit forecast and anticipate $500 million in tariffs costs for this year. A shortage of new commercial aircraft has driven sales for maintenance and repair services providers like RTX. They are betting on airlines that have older fleets with high costs. RTX, a company that makes GTF engines, and competes against CFM International, also benefited from the booming demand by planemakers, as they ramped up production. Collins Aerospace, the company's division for aerospace and avionics, posted revenue of $7.62billion in the third quarter. This is an 8% increase from a year ago. Sales at Airbus' Pratt and Whitney, which manufactures engines for the A320neo aircraft, increased 16% to $8.42billion. Defense segment of the company has also continued to grow due to a strong demand in a time of rapidly increasing geopolitical tensions. Raytheon's defense division, RTX, reported a 10% increase in sales. This was primarily due to higher sales of its Patriot air defence systems, which are used in the Ukraine on the battlefield. RTX expects to achieve full-year adjusted revenues between $86.5 billion ($87 billion) and $84.75 billion ($85.55 billion), up from its previous estimate of $84.75 billion or $85.5 billion. It also increased its adjusted profit forecast for 2025 to between $6.10 to $6.20 per common share, up from $5.80 to 5.95. Arlington, Virginia's company saw its total revenue increase by 12% in the third quarter to $22,48 billion. Its adjusted profit per share was $1.70 compared to $1.45 the previous year. (Reporting from Utkarsh Setti in Bengaluru, and Mike Stone in Washington. Editing by Krishna Chandra Eluri.)
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Brazil's Ambipar files bankruptcy protection
Ambipar, a Brazilian waste management firm, filed for bankruptcy in Rio de Janeiro late Monday night. The company was facing a cash crunch and the threat of debt repayments that could amount to billions of dollars. According to a document published early Tuesday, a subsidiary of XYZ Company has also filed for Chapter 11 protection in the United States. Ambipar stated that the bankruptcy was filed after "discovering evidence of irregularities" in the Finance Department's contracting of swap transactions and the sudden resignation of the previous Chief Financial Officer. The company claims that this has led to a significant drop in market confidence and early repayment requests from creditors. This poses a serious cross-default risk on other financial obligations of the Group. Ampipar said in a separate statement that the court protection was urgently needed after Deutsche Bank asked for additional loan guarantees. This prompted several other institutions, including banks, to ask for early repayment of debt. The firm that manages waste had obtained an injunction to prevent creditors from demanding early payment. Ambipar says that the measure did not prevent a bigger crisis of trust and liquidity issues. As one creditor demanding immediate payment could cause a domino-effect, the company said that such demands could create a "financial gap of more than 10 Billion Reais". UBS analysts in a report published late September said that Ambipar had struggled with integrating newly acquired assets, and managing its increasing financial complexity, despite a management change. UBS said that recent events had exposed the weaknesses in governance and strength of balance sheet after years of expansion and more than 70 M&A deals. UBS warned Ambipar's Response division which is specialized in emergency and environmental services depends heavily on operational reliability. They added that any perception of financial instabilities or internal disorganization can undermine client trust and threaten contract. According to Ambipar, in 2023 57% of Ambipar’s net revenues will come from Brazil, 25% North America, 15% Latin America (excluding Brazil), and 3% Europe. (Reporting and editing by Hugh Lawson; Luciana Magnhaes)
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Russia delivers first oil to new Georgia refinery
According to LSEG data and industry sources, the Russian company Russneft delivered a first oil shipment to the newly constructed Kulevi oil refining plant in Georgia. Since 2008, Russia and Georgia did not have formal diplomatic relations. They fought over the breakaway regions South Ossetia (backed by Moscow) and Abkhazia. Tbilisi's economic ties to Russia have grown under the Georgian Dream Party, but its relations with Western nations have deteriorated dramatically. According to LSEG, and a trader the tanker Kayseri transported 105,340 metric tonnes of Siberian Light Oil grade from the Russian Black Sea Port of Novorossiisk, to the Kulevi Oil Terminal, on October 6, 2006. Russneft has not responded to a comment request. Russia seeks to diversify exports in order to combat the sanctions imposed by the West over Ukraine. Georgia's first oil refinery aims to reduce dependence on fuel imports from Russia, Turkey Azerbaijan Romania and Kazakhstan. The facility began operations in this month with a processing capacity of approximately 1.2 million tonnes of oil per year or 24,000 barrels a day. The company will gradually increase the annual production capacity of its fuel to 4 million tonnes in 2028. It will supply both domestic and export markets. Clarence Fernandez, Clarence Fernandez (Reporting)
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Three arrested for death of Italian basketball fan's bus driver
Italian police reported that three "ultra" supporters of an Italian basketball club were arrested after the driver of a rival team's bus was killed by stones thrown into his vehicle. The death of Raffaele Marianell, 65, shocked Italians, who had grown accustomed to the violence that soccer fans are known for. Marianella, the co-driver of the bus, was not behind the wheel. The hail of bricks and stones hit the vehicle as it was transporting fans of Pistoia Basket 2000 home after a match against RSR Sebastiani Rieti on Sunday in Serie A2, Italy's second tier. He was killed after he was hit by a large rock that came through his windscreen. Police in Rieti reported that the three suspects who were arrested are part of an "ultra group" of RSR Sebastiani Rieti supporters. The group was traced when police escorting a fan bus in the central Italian town of Rieti stopped a vehicle carrying another group and drove away. The Prime Minister Giorgia Melons has called the attack "an inexcusable and senseless act." (Written by Keith Weir and edited by Timothy Heritage).
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Russian bombardment causes blackouts for hundreds of thousands in Ukraine
Officials said that a Russian attack on energy infrastructure in Ukraine's Chernihiv Region left thousands without electricity and others without water. Repairs were slowed by the threat of drone attacks. The Energy Ministry said that the northern part and regional capital of Chernihiv had no electricity. The latest of a series of Russian attacks on the Ukrainian grid in preparation for winter, the attack also targeted the nearby Sumy region. In recent weeks, Russian missile and drone attacks have ravaged the power infrastructure of Chernihiv, causing blackouts to disrupt daily life and causing blackouts. DRONES IN VICINITY GRID REPAIRS The energy ministry issued a morning statement on Telegram saying that "Emergency Crews in Chernihiv are unable begin work to restore power supply due the continuous attacks by Russian Drones." It accused Russia for circling drones over damaged facilities, making it impossible to repair them and "deliberately prolonging the humanitarian crisis". Two hours later, President Volodymyr Zelenskiy announced on Telegram that repairs had begun. He said that "Russian tactics are to terrorise people with cold and murder them," Andrii Sybiha, the Foreign Minister of Russia, wrote in X: "President Vladimir Putin is pretending to be prepared for peace and diplomacy while this night Russia launched a brutal drone and missile attack." Many communities are without electricity and some without water due to the cold temperatures of autumn. Since the launch of a Full-scale invasion 2022 Ukraine, claiming that they are legitimate targets in war. Oleksandr Lomiako, Chernihiv acting mayor, claimed that Moscow was trying to deny local residents power and heat in advance of the winter cold. CHERNIHIV MAYOR: 'WE WILL COMPETE NOW' He invoked the spirit from the early days of Russia’s invasion when Chernihiv, which was almost surrounded by Russian troops who were then beaten off. "We won in February-April of 2022. "We will overcome now," said he on Telegram. Chernihiv residents reported to an online messenger service that there was no power or water in the city, and the mobile signal was severely affected. An anonymous former government official, who was familiar with the situation, stated that Moscow probably targeted Chernihiv due to its proximity to Russia which made it easier to strike, as well as the fact that the energy facilities were poorly protected. In recent weeks, Moscow has increased its frequency of air strikes across Ukraine, just as it did during previous strike campaigns that plunged cities far from the eastern and southern frontlines into darkness for many hours or even days. Reporting by Anastasiia malenko, Max Hunder and Daria Smetanko; editing by Mark Heinrich
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Report shows that the cable used in the Lisbon rail crash was not certified
According to a preliminary investigation that pointed out maintenance issues, the cable that snapped in September and caused a Lisbon railcar funicular to hurtle downhill, killing 16 passengers, was not approved for passenger transport. The Office for Air and Rail Accident Investigations in Portugal (GPIAAF), said that despite the fact that other factors may have been at play, it is still difficult to determine whether an inadequate cable was the cause of the crash. The final report of the GPIAAF is due in September. After leaving the track, the yellow tram-like vehicle, which transports people up and down steep hillsides in the Portuguese capital hit a building on September 3. The Gloria funicular, which was opened in 1885 is one of the three old funiculars that are operated by Carris, the municipal public transportation company. Carris suspended the use of these old funiculars after the incident. Around 3 million tourists, locals and commuters used the line each year. GPIAAF stated that the maintenance procedures designed by Carris have not been updated in many years. "The use of cables which did not meet the specifications and usage limitations was due to a number of accumulated failures during the process of accepting and using them by Carris". Carris' internal controls "were insufficient or inadequate to detect and prevent such failures." Carris outsources maintenance of its elevators since 2007. The GPIAAF has also identified shortcomings in this area. It said that there was evidence that the maintenance tasks reported as completed did not always correspond with the tasks actually carried out. Carris stated in a press release that "it is impossible at this time to determine whether or not the non-conformities of the cable's use are relevant to the incident." (Reporting and editing by Andrei Khalip; Sergio Goncalves)
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Korean Air's quarterly cargo revenue falls as tariffs threaten international shipping
Korean Air (003490KS) reported a decline in cargo revenue during the third quarter of the financial year as it saw an increase in risks due to tariffs imposed by the U.S. In its earnings report, the nation's biggest carrier reported that its cargo revenue fell 4.7% from one year ago to 700 million won (1 trillion won). The revenue of the company from its passenger business fell 7.5% over this period. The company stated that the growth of air cargo has slowed down due to a weaker demand for online purchases and increased tariff risks. The firm's industry outlook stated that trade tensions between China and the U.S. continue to cause uncertainty in the cargo shipping sector. The firm expects that online shopping will increase during the holiday season.
Chevron and Shell reduce oil production in Kazakhstan following Ukrainian attack on Russian gas plant
The companies, which include Chevron, Shell and others, said that they had reduced their oil and gas production at a major Kazakh field following a drone strike by Ukraine, which damaged a Russian gas processing plant that supported their operations.
The Orenburg gas plant strike, which took place about 1,056 miles (1,700 km) east of Ukraine marks the first incident known in Kyiv’s campaign to disrupt Western oil majors' operations abroad.
Erlan Akkenzhenov said that the Karachaganak field's daily production had been reduced by 8,500 metric tonnes (66,810 bbls) to 9,000 tons as a result of the strike.
He said he hopes that the restrictions on production will be lifted in three days.
Akkenzhenov told journalists in Astana that the restrictions on the shipping of Kazakh gas to Orenburg would have a "certain economic impact", but would not affect domestic fuel markets.
Usually, raw gas from Karachaganak will be delivered to Orenburg's processing plant across the border. The oil and gas production at Karachaganak are closely related, so the field cannot produce much oil when its gas production drops.
PRODUCTION CUTTING HITS MAJOR OILFIELD
Karachaganak's operation is run by a consortium that includes U.S. energy giant Chevron (18%) and European energy companies Shell and Eni (29.25%).
KazMunayGaz and Lukoil, both from Kazakhstan, also have stakes of 13,5% and 10% respectively.
Kazakhstan is a major producer of energy and minerals, accounting for 2% of the world's oil production. The majority of this oil is exported to international markets via Russia.
On Tuesday, the operator of the Karachaganak gas and oil condensate fields said that it had reduced production following "an accident" at Russia's Orenburg Plant.
Two industry sources said that on Monday, a Ukrainian drone strike on the Orenburg Gas Processing Plant, one of the largest in the world, forced Kazakhstan to reduce its production at the Karachaganak Field by 25 to 30 percent.
KARACHAGANAK FIELDS SLASHES DAILY EXPLOSION
Karachaganak's output on Monday dropped to between 25,000 and 28,000. This is a significant drop from its usual 35,000 to 35,500 tons. Two sources, who spoke under anonymity because of the sensitive nature of the situation, said that the production on Monday was down to between 25,000 and 28,000.
Ukraine confirmed Monday that it had struck a gas refinery and a gas station in the Orenburg Region, as well as an oil refinery located in the Samara Region.
Karachaganak's production was also reduced, according to the Kazakhstani energy ministry. The operator has not provided production data.
As soon as the Orenburg plant begins to operate, the ministry expects production to return to normal at Karachaganak.
Last week, Kazakhstan implemented sweeping price controls for fuel and utility rates amid an accelerating inflation rate of 12.9% in Septembre due to the fallout from Ukraine's war.
A separate Ukrainian drone attack on a pumping facility serving the CPC temporarily disrupted the oil loading at Novorossiisk in February. This underscored the vulnerability of the regional energy infrastructure due to the growing conflict. Reporting by Mariya Goreyeva in Almaty, Tamara Waal and Vladimir Soldatkin in Astana. Writing by Lidia Kelley in Melbourne and Louise Heavens. Editing by Lincoln Feast & Louise Heavens.
(source: Reuters)